Medtronic shares slide after diabetes business receives FDA warning letter

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Shares of medical device maker Medtronic slid more than 6% in Wednesday’s trading session after the company disclosed a warning letter sent by the Food and Drug Administration addressing its diabetes business. 

Ticker Security Last Change Change % MDT MEDTRONIC PLC 102.21 -2.73 -2.60%

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According to the company, the letter focuses on “the inadequacy of specific medical device quality system requirements” at its Northridge, California facility, covering areas including risk assessment, corrective and preventive action, complaint handling, device recalls and reporting of adverse events.

Medtronic emphasized that it is “expeditiously addressing the concerns raised in the warning letter” and working with the FDA to ensure its actions are “comprehensive and effective.”

“We are committed to fully resolving all observations as…

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